Federal Reserve Chair Janet Yellen told Congress on Wednesday that the central bank expects to keep raising a key interest rate at a gradual pace and also plans to start trimming its massive bond holdings this year. (July 12)
Neel Kashkari, president of the Minneapolis Federal Reserve Bank of Minneapolis, will tour Sioux Falls Aug. 7-8.
Kashkari will speak before the Rotary Club of Downtown Sioux falls Aug. 7, with a moderated question-and-answer session with the audience. The Rotary Club event will start at 12:25 p.m. at the downtown Holiday Inn.
Kashkari will also tour the Zeal Center for Entrepreneurship, the under-construction Discovery District and biotech firm Alumend on Aug. 7. On Aug. 8, he’ll tour biotech firm SAB Biotherapeutics and the Sanford Health campus.
In his position as president of the Minneapolis Fed, Kashkari plays a powerful role in the economy. The Minneapolis Fed is one of 12 regional banks in the Federal Reserve system, and Sioux Falls falls into its district. Kashkari became its president in January 2016. He is a member of the Federal Open Market Committee, where the Fed sets interest rates.
As a top Treasury Department official, he administered the Troubled Assets Relief Program, known as TARP, from 2008-2009 and ran for governor of California as a Republican in 2014, losing to current Gov. Jerry Brown.
He has spearheaded several new initiatives, including releasing a plan to end the “Too Big to Fail” problem and launching the Federal Reserve’s new Opportunity and Inclusive Growth Institute, housed at the Minneapolis Fed,” the Minneapolis Fed said in the news release announcing his visit to Sioux Falls.
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